The 2020 Mid-Year Economic Update_long

PMI at 58.1%

Manufacturing sector expanded in July, though growth slowed 2% compared to June.

Manufacturing activity expanded in July, although at a slower rate compared to June, according to the latest Manufacturing Report on Business from the Institute for Supply Management. The overall economy expanded for the 111th straight month, the group said.

ISM’s July Purchasing Managers Index registered 58.1 percent, down 2.1 percent compared to June’s reading of 60.2. Most of the monthly indices grew at a slower rate in July, but remained strong, indicating continued business strength. Manufacturing employment grew faster during the month, as did inventory levels.

The outlook among supply professionals remains strong, with some areas of caution, according to Timothy R. Fiore, chairman of the Institute for Supply Management’s Manufacturing Business Survey Committee.

“… Demand remains robust, but the nation's employment resources and supply chains continue to struggle,” he said. “Respondents are again overwhelmingly concerned about how tariff-related activity, including reciprocal tariffs, will continue to affect their business.”

 

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